South African fintech hub opens

South African fintech hub opens

A South African investment giant is building a fintech hub modelled on London's Level39, offering office space and support to entrepreneurs bidding to build digital financial services.

Established by Rand Merchant Insurance Holdings and Rand Merchant Bank Holdings, AlphaCode describes itself as a free collaborative club, with a physical base in Johannesburg and on online presence, bringing together startups with experienced entrepreneurs, technology investors and industry experts.

The hub has four membership tiers, which offer a range of benefits, from monthly newsletters to free office space, mentorship and access to the RMI investment team and portfolio companies. Some 50 members have already signed up.

Dominique Collett, senior investment executive, RMI, says: "The fintech business models of the future are agile, disruptive ventures, often started by emerging entrepreneurs. With this in mind, AlphaCode provides a vehicle to identify strategic key investments in the financial services industry and be a catalyst for the development of fintech in Africa."

Chipo Mushwana, head, ecosystem development and management, AlphaCode, adds: "African fintech businesses have provided some of the most exciting developments in global financial services in recent history, and we will help to grow promising, impactful businesses."

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